GNIDA unfolds Rs.1,500 cr realty plan

    Greater Noida Industrial Development Authority (GNIDA)
    The Greater Noida Industrial Development Authority (GNIDA) has proposed the creation of a special relief fund of Rs.1,500 crore to bail out the stalled realty projects of small builders, thereby, benefitting the homebuyers. This proposal entails earmarking fund for the use of stuck group housing projects across the city. Once implemented, developers would be able to take a loan from this fund at a low interest rate ranging between 3 and 5 percent to complete their projects and hand over possession of flats to homebuyers, said official sources. About 70 to 80 housing projects in Greater Noida are stalled for want of funds. Builders of these projects have a problem of liquidity and have no resources to complete the same and hand over homes to more than one lakh buyers. These builders are also not being able to procure loans from banks or any financial institutions because of a poor credit history. In these cases, the Greater Noida Authority would also provide a counter guarantee and for understanding the financial and physical status of all stuck realty projects, a consultant will be hired shortly. This consultant will collect all relevant data of the group housing project besides validating each project.
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